Ethereum Stalls at $2,400 Despite ETF Inflows
Ethereum’s price has been stuck in a narrow range lately, hovering around $2,400 for days. That’s roughly 15% below its peak earlier this month, which feels a little odd when you consider the recent surge in ETF investments.
Wall Street’s appetite for Ethereum ETFs has grown—last week saw inflows of $283 million, a huge jump from the $40 million recorded the week before. In fact, these funds have now seen seven straight weeks of positive inflows, the longest streak yet. June alone brought in $1.13 billion, nearly double May’s $564 million. Since September, cumulative inflows have topped $4.1 billion, pushing total net assets close to $10 billion. BlackRock’s ETHA fund leads the pack with $4.25 billion.
So why isn’t ETH moving? You’d think all that fresh money would give prices a lift, but the market’s holding its breath for now.
Whales and Exchange Supplies Send Mixed Signals
Digging into the data, though, there are some red flags. The amount of ETH sitting on exchanges has climbed to 7.44 million, up from 7.12 million earlier this month. That usually means more people are looking to sell—maybe locking in profits after May’s rally.
Whales seem skittish too. Their holdings have dropped to 100.48 million ETH, down from this year’s high of 103.9 million. When big players start offloading, it’s rarely a good sign.
Then there’s the technical side. Ethereum’s price recently slipped below the 200-day Exponential Moving Average, a level that’s acted as a support line in the past. The last time this happened was in February, and what followed wasn’t pretty—a 55% nosedive over the next few months.
What’s Next for ETH?
The charts aren’t exactly reassuring either. ETH broke below what traders call a “bullish flag” pattern, which often signals more downside. It’s since retested that level, and if it fails to hold, we could see prices dip below $2,000.
Still, ETFs don’t lie—someone’s betting big on a rebound. Maybe it’s just a matter of time before the market catches up. Or maybe there’s more pain ahead. Right now, Ethereum feels like it’s stuck between optimism and caution, and neither side seems ready to blink.
